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New Jersey Passes Online Gambling Law

It hopes to boost revenues at Atlantic City casinos

   

On Tuesday, New Jersey became the third state in the nation to permit online gambling.

In a statement, Governor Chris Christie said that the measure to approve Internet gaming in the state, which was part of the his fiscal 2014 budget, would boost Atlantic City’s ability to compete with gambling rivals. The state government projects that online gambling could prompt New Jersey casino revenue to almost double by next year, Reuters noted.

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New Jersey casinos raked in $235 million during the fiscal year that ends in June. With the addition of online gaming, that could rise to $435 million in 2014.

Last week, Nevada became the first U.S. state to legalize online gambling after a bill was rushed at breakneck speed through both houses of the state legislature and was quickly signed by the governor. Delaware quickly followed suit.

On the news from New Jersey, shares of Zynga (NASDAQ:ZNGA) and Boyd Gaming (NYSE:BYD) both climbed more than 2% in Wednesday morning trading,


Article printed from InvestorPlace Media, http://investorplace.com/2013/02/new-jersey-passes-online-gambling-law/.

©2016 InvestorPlace Media, LLC

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